BT workers in line for windfall under shares scheme payout
- Credit: PA
Thousands of BT workers are to share in a £265million payout under share-related savings schemes which will see some employees making gains of more than £54,000.
Nearly 13,000 individuals signed up under five-year and three-year “saveshare” plans, which began in 2010 and 2012 respectively, including nearly 2,500 who joined under both schemes.
The plans mature on Monday when the participants, who were allowed to save between £5 and £250 each month, will be able to use their savings to buy shares in the company.
Members of the 2010 five-year plan will be able to buy shares at £1.04 while people in the 2012 three-year plan will be able to buy them at £1.89, representing discounts of around £3.64 and £2.79 respectively based on the value of BT shares on Thursday this week.
BT said that, based on the average monthly savings figure under the 2010 plan, the average gain for those buying, and immediately selliing, shares would be around £10,236 while people in the three-year plan could make an average gain of around £4,400.
Those who saved the maximum £250 a month under the five-year plan would be able to purchase 14,855 shares with a market value of £69,514, a gain of £54,064. Those in the three-year plan would be able to purchase 4,761 shares with a value of £22,279, representing a £13,279 gain, BT added.
BT chief executive Gavin Patterson said: “I’m delighted that so many BT colleagues are sharing in the company’s success through our saveshare plans.
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“The hard work and commitment shown by our employees has put BT in a strong position to better serve our customers.
“This is reflected in the increase in share price since people started saving and I would like to thank our people for the major part they’ve played in the company’s progress.”
BT said that nearly a third of its UK employees had signed up under one or both of the plans,
In total, they will be able to buy around 56.5m shares, based on Thursday night’s share price, meaning that around £265m worth of shares will be available for BT saveshare participants to buy for around £77m.
The gains exact gains people make will depend on the share price on the day of any eventual sale and how much it exceeds the share purchase price.